El Segundo, Calif. (November 10, 2020) – Griffin Capital Essential Asset REIT, Inc. (“GCEAR”) announced its results for the quarter ended September 30, 2020.
Highlights for the Quarter Ended September 30, 2020
• Total revenue of approximately $100.0 million for the quarter, a 2.6 percent increase compared to the same quarter last year.
• Adjusted Funds from Operations available to common stockholders and limited partners, or AFFO,1 of $0.15 per basic and diluted share, which was consistent with the same quarter last year.
• Commenced 515,134 square feet of previously executed leases, which were offset by 300,294 square feet of lease expirations, resulting in positive net absorption of 214,840 square feet.
• Collected approximately 100 percent of contractual rent due during the quarter.
Highlights Subsequent to September 30, 2020
• Collected approximately 100 percent of contractual rent due in October.
• On October 1st, executed a 10-year, full-building lease extension with WABCO Air Compressor Holdings, Inc. at our 145,200 square foot industrial property in North Charleston, SC such that the remaining lease term is now approximately 13 years.
• On October 29th, entered into a definitive merger agreement to acquire Cole Office & Industrial REIT (CCIT II), Inc. (“CCIT II”) for approximately $1.2 billion in a stock-for-stock transaction. The combined company would consist of 125 properties totaling 31 million square feet and would have a total asset value of approximately $5.8 billion.2
Management Commentary
“Our financial results continue to reflect the strength and resiliency of our portfolio as do our rent collections. We believe our merger with CCIT II, once consummated, will serve to further enhance these qualities by materially increasing our size and scale, improving our leasing and leverage metrics and reducing the overall operating costs of the combined company,” said Michael Escalante, GCEAR’s Chief Executive Officer.
